India needs to raise R&D spending to 3% to boost innovation: Siemens’ Sunil Mathur

NEW DELHI: A multinational’s top executive said that to boost domestic innovation and achieve the vision of Viksit Bharat (Developed India) 2027, the country needs to increase spending on research and development (R&D) from 0.6% to at least 3%.

“If we have to be a developed country, innovation will play a central role. We have to play the central role in our growth story. We will need to go from under one percent or 0.6%, to close to 3%, which is the bare minimum that some of the global countries are already doing to be leaders in the areas of manufacturing, infrastructure, and so on,” Sunil Mathur, Managing Director and Chief Executive Officer, Siemens India, said.